Stock Market

Why Wedbush Thinks Next Week’s Musk Pay Package Vote Is Good for Tesla Stock

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The Elon Musk pay package vote is set to take place at a shareholder meeting next week and Wedbush analysts believe it could be good for Tesla (NASDAQ:TSLA) stock.

First off, Wedbush thinks that the Musk pay package will receive “overwhelming” support from investors. If that happens, it would grant the CEO a massive payment that was previously blocked by a Delaware court.

Wedbush believes this is best for the company, as it would put the entire Musk pay package saga behind Tesla. This would open the way for the electric vehicle (EV) company to focus on other matters, such as increasing competition in the space.

What Comes After the Musk Pay Package?

Here’s what Wedbush says Tesla needs to focus on after the debacle is over, in a statement obtained by StreetInsider:

“We believe autonomous and FSD is key to Tesla’s future and Musk needs to making this crystal clear at the shareholder meeting next week […] Execution of the lower cost vehicle and driving incremental demand in the key China market must be flawless […] otherwise this could derail the bull thesis in the next 6 to 12 months.”

This means traders will want to keep an eye on TSLA stock when its shareholder meeting takes place next week. The votes could act as a catalyst for the company’s shares.

TSLA stock is up slightly as of Friday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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